People’s United Bank Snags Costa from Sovereign

On the heels of its announcement last week that it had completed the acquisition of 57 New York City area branch locations, Bridgeport, Conn.-based People’s United Bank has hired John Costa to head up its New York commercial real estate lending operations, sources told The Mortgage Observer.

Mr. Costa, who couldn’t be reached for comment, started at People’s United Monday, having most recently served as executive vice president and managing director at Santander Real Estate Capital.

Upon closing on the branch locations, however, Jack Barnes, president and CEO of People’s United Bank hinted at ongoing, increased operations in the New York City area.

“We are pleased to welcome our new customers and employees to People’s United Bank as we expand and deepen relationships in the greater New York market, the nation’s largest market,” Mr. Barnes said. “As the premier regional bank headquartered in the Northeast, we look forward to offering increased lending resources and additional products and services to our new customers.”